Morning Thoughts July 26

A mixed day yesterday and a wild overnight session leads us to open up the markets about 1.3% higher this morning.  I reiterate my cautious stands on having any overnight risk (unless timeframes are long enough)…last night was a perfect example.

EUR/USD after breaking down earlier last night is now back at a one month trend resistance point and should serve as guidance to equity traders.

S&P 500 futures overcame what was resistance since early Tuesday near 1339 (about 1345 SPX equivalent) and look to possibly want to fill Monday’s 10 point down-gap near 1359.  For today we will focus on either filling Monday’s gap or today’s big up gap.  Too early to tell which or maybe both is possible today.  Log in to the chat room to trade with us live.

On the daily charts Regions Financial (RF) is at a multi-month resistance point after earnings on Tuesday.  A daily break above the $7 mark may be worth a try to the long side for bucket 2


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